#5: Women and Wealth

In this episode, Kristin Gibson and I discuss the ongoing trend of women controlling a larger percentage of household wealth in America. We also talk about projections for how big this trend might become, how genders prefer to manage their wealth and their relationships with financial advisors differently, and ideas advisors might want to consider for building stronger connections with their female clients. In addition, we discuss how female clients can become powerful advocates for an advisor’s practice.

Kristin is an accomplished executive in the financial services industry, having served in leadership roles at Russell Investments and Charles Schwab. Throughout her career, she's had the opportunity to speak at industry conferences and advisor events on this episode's topic. She also has experience working closely with financial advisors to teach them how to adapt their wealth management practices to create stronger bonds with their female clients.

Some of the topics we discuss in this episode include the following:

·     Statistics that illustrate the current state of women’s control of wealth in America and where it’s likely headed,

·     How women and men differ in their attitudes and preferences toward wealth management and their relationships with wealth managers,

·     The risk to an advisor’s business of not connecting with their female clients as well as they could,

·     The opportunity for advisors to increase the value of their practices by adapting their communication to the preferences of their female clients,

·     Tactics advisors can use to help build stronger relationships with their female clients,

·     And more

Link to a McKinsey & Company white paper on the topic:

·     Women as the next wave of growth in US wealth management

Disclosures and Disclaimers

·     Nothing in this episode is intended to be, or is, financial or legal advice,

·     Statements and opinions expressed by those interviewed for this episode do not necessarily reflect those of the host, Matt Smith, and

·     The content in this episode is not a paid promotion.

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